SWK Bank review

The account pays a fixed rate of 3.21%, which is the fixed rate type rather than a variable one. The rate is held for the whole term, so it does not move with the market. For context, the savings median is 3%.

The minimum deposit is €10,000, which is a real hurdle for smaller savers. The median minimum across savings accounts on the site is €0.11, so this sits well above the typical entry point. The term runs 1 to 120.

No monthly fee is charged, at €0, and the account is listed under the no monthly fee model. The only real cost is tying up a minimum deposit of €10,000 for the term length. The deposit protection is EU DGS up to EUR 100,000.

Yes. Deposits are covered by EU deposit guarantee protection of EU DGS up to EUR 100,000. The bank is based in Germany and is supervised by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). The legal entity behind the account is Süd-West-Kreditbank Finanzierung GmbH.

No. The access terms are a fixed term with no early access during the agreed period. An extension is possible once the term ends, so the money rolls over rather than returning at once. The rate is fixed at 3.21% for the whole term.

Terms run 1 to 120, so you can pick a short commitment or a long one. The median term on the site is 12 months. Longer terms lock the money away for longer in exchange for the fixed fixed rate.

The account is offered by Süd-West-Kreditbank Finanzierung GmbH, a German entity based in Germany. The bank dates its founding to 1959. It is a bank rather than an e-money provider, under BaFin supervision.

Support runs on email, phone and help centre, covering email, phone and a help centre. For a fixed term deposit, the help centre is the main reference for terms and extensions. Phone support is useful if you want to extend before the term ends.